This was the first horror game I've played in a long time, and I tried playing through with a skeptic's mindset.
That being said, it still had its points where I wanted to jump.
Most of the ghosts/visions easily could have been cheesy, but they were placed well enough that they worked. It seems that some of them are random(i.e. they don't always appear the first time you enter a room), which is a really nice touch.
The timer adds a nice element of suspense to the game, sort of like an impending doom scenario.
My favorite element of this game however, was the view. The fisheye sort of camera worked wonders on establishing the creepy environment.
All things considered, I give it a 4.5/5.